Bitcoin
Leak reveals that a ‘big’ Fed earthquake could suddenly destroy the price of Bitcoin, Ethereum, XRP and cryptocurrencies
Bitcoin
Bitcoin
surged again this week as excitement built ahead of former President Donald Trump’s appearance at the Bitcoin 2024 conference (with wild rumors of a major bitcoin announcement continuing to circulate).
Bitcoin price has risen again to $70,000 per bitcoin after Tesla billionaire Elon Musk warned the US dollar was at risk of “destruction” It is Billionaire investor Mark Cuban issues ‘crazy’ bitcoin price prediction.
Now, as controversial Project 2025 sets bitcoin up for $16 trillion price showdown with goldA leak has revealed that pro-bitcoin Republican Senator Cynthia Lummis is drafting legislation that would require the US Federal Reserve to hold bitcoin as a “strategic reserve asset” alongside gold and foreign fiat currencies.
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Republican presidential candidate and former US President Donald Trump to speak at Bitcoin… [+] 2024 conference this weekend, with traders betting on price volatility in bitcoin, ethereum, XRP and other cryptocurrencies.
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Lummis will take the stage today at the Bitcoin 2024 conference in Nashville, Tennessee, ahead of Trump’s highly anticipated appearance tomorrow and may announce legislation that would require the Federal Reserve to hold some bitcoin as a strategic reserve asset, it was reported. reported by Fox Business, citing “three cryptocurrency executives with knowledge of the bill.”
Lummis goes to appear CT alongside fellow Republican Sen. Tim Scott, where she may announce the bill. Lummis’s team told Fox Business that they expect Trump to then endorse the bill during his speech.
“There are good things in store this week,” Lummis posted for X this week, using the bitcoin logo emoji in place of the letter B.
“Having the Fed hold bitcoin as a strategic reserve asset would be an important move that would bring stability to the U.S. dollar and our capital markets,” Alex Chizhik, chief commercial officer at HarrisX, told Fox Business. “It also sends a strong signal that our central bank is embracing innovation and, as an independent body, is the natural, nonpartisan home for bitcoin.”
Trump’s embrace of bitcoin and crypto in recent months has reinvigorated bitcoin’s price. Bitcoin’s price “seems to have rebounded on the positive sentiment that Donald Trump, who is likely the current favorite to win the election, is pro-crypto,” Daniel Polotsky, president and founder of bitcoin ATM operator CoinFlip, said in emailed comments.
This week, Wild rumors have swirled around the crypto community that Trump could announce he would create a strategic bitcoin reserve in the US during the Bitcoin 2024 conference.
“The U.S. could strategically incorporate bitcoin into its reserves, diversifying its portfolio and reducing reliance on traditional assets like gold and foreign currencies,” Markus Thielen, chief executive of institutional-focused analytics firm 10x Research, wrote in a note to clients, pointing to the roughly 212,000 bitcoins the U.S. government currently holds, worth about $15 billion, compared with its $600 billion in gold reserves.
“The Bitcoin 2024 conference is generating significant buzz,” Rachel Lin, CEO of decentralized derivatives exchange SynFutures, said in an email. “There is speculation that a U.S. presidential candidate may announce bitcoin as part of the U.S. strategic reserve at the conference. Even if that doesn’t happen, a presidential candidate speaking at the event highlights the growing acceptance of cryptocurrency by the general public. Regardless of what is announced, this conference will go down as a significant milestone in the history of cryptocurrency.”
Independent presidential candidate Robert F. Kennedy (RFK) Jr. has already appeared at the Bitcoin 2024 conference, doubling down on his support for bitcoin and revealing that he has “most of [his] bitcoin wealth”, calling himself “fully committed”, was reported by Coindesk.
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The price of Bitcoin has climbed back to near its all-time high of $70,000 per bitcoin, helping… [+] price of ethereum, XRP and other major cryptocurrencies are expected to rise.
Forbes Digital Assets
RFK Jr. also criticized the relationship between Congress and the Fed, calling it “both parasitic on our country and a symbiotic relationship. The Fed is not a public institution… The decision-makers are appointed by the banking industry,” he said during a conference panel hosted by TheStreet.
Meanwhile, presumptive 2024 Democratic presidential nominee Kamala Harris has ruled out an appearance in Nashville, cementing bitcoin and cryptocurrencies’ status as a partisan technology supported by Republicans and shunned by Democrats.
Conference organizer and Bitcoin Magazine editor David Bailey said in an X publish It was “no surprise” that Harris declined to attend the event, adding: “What can she tell us when she is actively locking up developers, forcing our industry overseas, attacking [proof-of-work]…it would have been a disaster for her.”